Binance has embarked on an untenable journey. The new CEO is not serious, and neither are the investors staying long.
HODLing Is Down
An increasing number of investors left Binance following CZ's resignation. While investors still have faith in Binance, the amount invested in the company is less than that of its rivals, Coinbase, Bitfinex, OKX, etc. A few whales are making part-time investments and then pulling them out.
A Declining Level of Leadership
Following CZ, Richard Teng has assumed the role of Binance's CEO. The diplomacy of CZ is not present in Teng. The withdrawal of Binance's licencing applications in crypto-friendly Abu Dhabi, although Binance claims they don't need that licence, but it also appears to be a reaction to pressure from the US on Teng.
The future of Binance
It appears that Binance will not be able to hold onto its top spot in the crypto world under the current circumstances. Binance is trying to keep investors by offering features like airdrops, zero-fee trading on specific pairs etc. What the future holds for Binance is not clear at this point.
Opportunity for the SEC
Binance and CZ's problems won't stop there. Using the current circumstances between Binance and CZ as a solid basis for their case against Binance, the Gary-led SEC is all set to take advantage. The US crypto industry will suffer, and Binance's chances are poor if the court grants the SEC's appeal.